A former City worker has been banned for performing a significant influence function without FSA approval.
Daniel Hassell performed a controlled function at Vantage Capital Markets for four years despite knowing the FSA was not satisfied he was a fit and proper person.
Although he was not a capital partner in the firm, the FSA says he exercised a "significant influence" over Vantage, receiving approximately one third of the firm's profits and often being presented as one of the owners.
At the time of its authorisation, Vantage had applied for Hassell to be an approved person as partner of Vantage, although once it became aware he was the subject of an FSA investigation, it withdrew the application.
After another attempt to gain FSA approval failed, Hassell continued to exercise a significant influence over the firm, effectively without any regulatory oversight, until an FSA supervisory visit in 2009.
In June 2010, the FSA fined Vantage £700,000 for failing to prevent Hassell from performing a significant influence function.
Margaret Cole, managing director of enforcement and financial crime, says: "Hassell acted in a significant influence role without FSA approval. This was despite the fact that he knew that the FSA did not regard him as a suitable person to manage the firm.
"Ensuring that the right people are running firms is a key element in our regulatory regime. Individuals who act without FSA approval can expect a tough response from the FSA."
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